4/24/2012 5:04 PM
Sandy,
While I might share your sentiment, if we aren't going to raise taxes on anyone, then the tax money has to come from somewhere. I heard Mitt had a plan to not allow a deduction on mortgages of second homes.
I would be curious as to where ole Grover comes down on this, would this be consider raising taxes?
I honestly would like to see both sides get together throw some ideas in the middle and see what will start working. What was the tax rate back during Clinton and Newt's years? What could be written off as a deduction and what couldn't? I remember a time when a country club membership could be written off or at least some of it because business could be done on the course. Not now it isn't.
Lets put pencil to paper and say this is our tax revenue if we make it 10% on all income under say $500,000, or 1 million, anything over that is 20%. No deductions for anything, medical, business, social security, IRA's nothing. Then look at possible cons to that, what happens to charitable deductions, what happens when a medical condition strikes a family, will business still invest in new equipment if they can't depreciate it, or bring on new workers with no tax breaks for doing so. Then take the current tax codes, bump up rates back to Clinton years, 35% being the top, see what the revenue is for that. Look at the pros and cons, then start going through each tax break and look for the benefit it provides to the recipient and how that affects revenue to the government. I heard one time that a lot of tax breaks come about because it is a warm and fuzzy, or it is to encourage investment and growing business. What works and what isn't, we need to know these things to make meaningful changes. I have heard from someone who invest others money, the best way is to not tax but incentives, curious as to what others thing about that.
Of course I have talked about revenue for the government, as most of you would call them taxes. While that exercise is going on, we should also be looking at the budgets, with nothing off the table, if the dang military doesn't need the extra tanks, don't build them, (Of course a tank plant shuts down, and puts people out of work, that isn't good either) I did hear Egypt wants to buy some tanks, can they keep making them? Safety net issues, would it be cheaper to train people with new skills, and give them a stipend for learning? Of course that is more cost then just giving food stamps, but that is something that needs to be discussed, will private business want to help with training to produce a better work force? How do you incentive them to do it?
It isn't rocket science but it's not that simple either, each action causes another action, and sometimes just cutting cost leads to more problems down the road. Look at our education system for one example.
Just my opinions.
Mel
Melvin H. Waldron III, CGCS, Horton Smith Golf Course, City of Springfield/Greene County MO